https://www.taxtmi.com/caselaws?id=102407 The Supreme Court explained that disclaimer power under section 535 of the Companies Act is meant to protect creditors in liquidation and must be exercised cautiously; a long-term lease at nominal rent with renewal rights does not by itself prove onerous covenants, so disclaimer was unwarranted on that basis. It also stated that where sale of liquidator-managed property is expressly on an "as is where is" basis, the purchaser cannot seek reduction of price for alleged defects in title, description, or encumbrances. An undertaking to pay interest on the unpaid balance was enforceable, making interest payable on delayed consideration. en-us Wed, 06 Oct 1993 00:00:00 +0530 Thu, 05 Jun 2014 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102407 The Supreme Court explained that disclaimer power under section 535 of the Companies Act is meant to protect creditors in liquidation and must be exercised cautiously; a long-term lease at nominal rent with renewal rights does not by itself prove onerous covenants, so disclaimer was unwarranted on that basis. It also stated that where sale of liquidator-managed property is expressly on an "as is where is" basis, the purchaser cannot seek reduction of price for alleged defects in title, description, or encumbrances. An undertaking to pay interest on the unpaid balance was enforceable, making interest payable on delayed consideration. Case-Laws Companies Law Wed, 06 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102407